MarketWatch.com - MarketPulse
HONG KONG (MarketWatch) -- Tokyo-listed supermarket and department store operator Seiyu Ltd. will undergo a restructuring that will see the firm refurbish stores and open new ones, while targeting a return to profitability within two years, according to the Nikkei business daily. As part of its transformation to a wholly-owned subsidiary Wal-Mart Stores Inc. this spring, the firm will consolidate five regional units, up the pace of its refurbishment plans to include more than 70 stores in 2008 and make other adjustments to its supply chain and payroll procedures, the Nikkei reported. Seiyu will open about 60 new stores by 2012 and target annual group sales of more than 1.2 trillion yen. The report said the strategy set out the goals as part of five-year plan.